Nicaragua inaugurates oil storage facilities

The facilities, capable of storing 227.000 barrels, are located in Puerto de Corinto and Peñas Blancas, and will be inaugurated next week.

Tuesday, February 17, 2009

The president of the state owned Petróleos de Nicaragua ("Nicaraguan Petroleum"), Francisco López, was quoted by CadenaGlobal.com: "The Petronic storage tanks are the first stage of the project, that, when finished, will have an storage capability of 600.000 barrels of crude".

More on this topic

Nicaragua: Venezuela Oil Deal Challenged

October 2011

The Superior Council of the Private Enterprise is questioning the supposed "benefits" and "efficiency" of the oil agreement signed with Venezuela.

Mario Amador, president of the Chamber of Industries of Nicaragua (Cadin), said the country has been buying oil at $120 and $130 a barrel when the price on the international market was slightly over $80. These prices are not benefiting the consumer.

Costa Rica negotiates terms for joining Petrocaribe

September 2008

By joining the energy accord known as Petrocaribe, the country would be buying more than 20,000 barrels of petroleum per day from Venezuela.

The increase in the purchase of crude oil will depend greatly on the expansion of the credit and payment terms by Venezuela before negotiations are concluded. This request should be sent in the next few days in an official note to Venezuela.

Petronic seeks to replace Esso in Nicaragua as chief oil importer

June 2008

Petróleos de Nicaragua (Petronic) has advised Congress it intends to become the main importer of crude oil through a preferential agreement with Venezuela.

Petronic officials estimate "that in the second half of the year it will become the most important importer of oil in Nicaragua, surpassing Esso for the first time," said Francisco Aguirre, president of the Economic Commission of Congress.

Guatemala proposal to stick to Petrocaribe rejected

June 2008

Venezuela has rejected the proposals offered by Guatemala for working within Petrocaribe.

Guatemala's Minister of Energy and Mines, Carlos Meany, told local news media that the Venezuelan Government did not accept the proposal under which they would provide 30,000 barrels of oil per day to Guatemala to cover 40 percent of local consumption.

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